A little organization now can save money during an audit When it comes to taking qualified deductions on your Federal Tax return three things must happen. First, you must recognize that an expense might be deductible on your tax return. Second, you must keep a record of the expense in an organized fashion. Third, you […]
Many parents own houses and may want to pass them on to their children at some point. A common thought is to just add the children’s names to the title of the house. While this might sound like a simple solution, it’s usually not a good idea. At a minimum, it risks causing tax problems […]
When it comes to taxes, growing older can have its advantages. But older individuals may also have additional tax-related requirements. Here’s a quick overview of the tax and financial breaks available as you reach a certain age. Higher standard deductions. You’re eligible for a higher standard deduction once you reach age 65. Tax credit for the […]
